I don't agree that cryptocurrency and bitcoin threaten the legal tender of a country.
With the progress of science and technology, people are increasingly demanding convenience. Cryptocurrency and bitcoin will develop better.
People's means of payment become more excellent and convenient, and transparent transactions are also what we want to see.
Topic: Bank & Government Crypto (Read 525 times)
Banks and crypto are two different world one is a fiat and the other is virtual,
That is where you all go wrong. Money may be physical or digital but it is still money and can be used.Quote
if bank would create their own crypto how are they going to do that,
By using blockchain and hiring blockchain developers. You may not be aware but many financial institutions are already doing that for purposes other than developing a fiat backed currency. As humans we tend to forget that the people who run such companies are way ahead of common people's intellect.Quote
bank is stable in value while crypto is not,
If you mean to say fiat is stable in price, then you mean to say that you are comparing bitcoin price against fiat and then coming to this conclusion. What if you were to think fiat price against bitcoin and use bitcoin as the base standard?Then fiat would be equally volatile as bitcoin would be stable at 1btc.
Quote
how are they going to put ledger on it if the value of it is unstable, also in bitcoin they cannot control it, the reason why investor and people opted to use bitcoin is because they dont want others to control their money or what they invest.
Banks dont need to control people's money. The concept comes from governments starting their own stablecoins which is not a improbable idea. What is good about it is that law enforcement would be able to detect the money launderers if this is made a norm by monitoring the money going in and out of exchanges.Only money launderers are the ones who oppose these concepts.
I assume the bank's cryptocurrency is built on a centralized chain so it will be modified by the bank. Bitcoins are more decentralized and they cannot be modified so everyone's money is always safe if the wallets are secure. Bitcoins have a limited supply and they deflate over time and bank cryptocurrencies have an indeterminate amount of money (it's like Tether in USDT).
Bank cryptocurrencies are tightly controlled by the government but for Bitcoin, it is more liberal.
Bank cryptocurrencies are tightly controlled by the government but for Bitcoin, it is more liberal.
Banks and crypto are two different world one is a fiat and the other is virtual, if bank would create their own crypto how are they going to do that, bank is stable in value while crypto is not, how are they going to put ledger on it if the value of it is unstable, also in bitcoin they cannot control it, the reason why investor and people opted to use bitcoin is because they dont want others to control their money or what they invest.
In fact, there are benefits to be received if the government wants to control, at least there are regulations that will be made to provide a sense of security to users. It is true that all this time what is in bitcoin has always been associated with illegal actions, so at least it can be reduced that the government pays attention to that and is not true.
As long as the goal is to improve and be profitable, there is no problem because the government cannot control widely, there may only be that every transaction must go through legitimate institutions from the government, trusting each other for the survival of bitcoin itself.
It would be good that government has control if that is a good government that won't use your information against you. I get your point about security but it doesn't outweigh the fact that people are going to have their every move tracked with government controlled cryptocurrency, it could work in theory but I am pretty sure that the practice is going to be chaotic. As long as the goal is to improve and be profitable, there is no problem because the government cannot control widely, there may only be that every transaction must go through legitimate institutions from the government, trusting each other for the survival of bitcoin itself.
It's like tarnishing decentralization, but it could be a solution to the doubt that cryptocurrency (BTC) is dangerous because the government can't fully control or supervise it. Of course there will be pros and cons, but those who really want decentralization will definitely not choose this.
In fact, there are benefits to be received if the government wants to control, at least there are regulations that will be made to provide a sense of security to users. It is true that all this time what is in bitcoin has always been associated with illegal actions, so at least it can be reduced that the government pays attention to that and is not true.As long as the goal is to improve and be profitable, there is no problem because the government cannot control widely, there may only be that every transaction must go through legitimate institutions from the government, trusting each other for the survival of bitcoin itself.
If banks and governments make their own cryptocurrencies, it will definitely affect other cryptocurrencies, such as a decline in prices for other cryptocurrencies and an increase in prices for cryptocurrencies made by banks and governments. investors in these countries will definitely buy the cryptocurrency made by the bank, this is what will make the cryptocurrency of the bank and the government become expensive.
Not necessarilly that is what's going to happen since we a lot of people who are in crypto would suddenly go buddy buddy with government cryptocurrency, they wanted to get out of that financial hellhole and going back will make your effort of getting out of it in the first place useless. Not to mention that CBDC will probably have a privacy invasive nature so any crypto people with some ounce of common sense isn't going to use it.
Banks will be late and now want to take control of this new financial system that is the cryptocurrency market, banks instead of thinking about taking out their own coins should worry about how bad they have been doing for years, such as:
Charge commissions for everything to users.
Charge high commissions for transfers between countries.
Its system of transactions (switf & IBAN) between countries, example Latin America and Europe take more than 7 days.
Among other points ...
It all comes down to commissions, very slow and expensive services.
They should first fix their systems before thinking of having their cryptocurrencies.
Logically they are interested in entering this market of cryptocurrencies, although they have seen reality late and cryptocurrencies will happen to them, like what happened with Blockbuster when Netflix arrived.
Charge commissions for everything to users.
Charge high commissions for transfers between countries.
Its system of transactions (switf & IBAN) between countries, example Latin America and Europe take more than 7 days.
Among other points ...
It all comes down to commissions, very slow and expensive services.
They should first fix their systems before thinking of having their cryptocurrencies.
Logically they are interested in entering this market of cryptocurrencies, although they have seen reality late and cryptocurrencies will happen to them, like what happened with Blockbuster when Netflix arrived.
I think that such a currency will enjoy some success, at least after there are certain guarantees. But I doubt that it will be massive. Perhaps, as an experiment, it would be wise to organize something like this. But I think that anonymity should be forgotten. Besides, most likely the entrance ticket will cost some money, otherwise how will they recoup their investment? I personally would not be interested in such a currency.
It's like tarnishing decentralization, but it could be a solution to the doubt that cryptocurrency (BTC) is dangerous because the government can't fully control or supervise it. Of course there will be pros and cons, but those who really want decentralization will definitely not choose this. 
If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?
No, and that is precisely the problem they are running into and also the problem that Facebook would have ran into beyond the trouble they would have had with their own government. If governments start a cryptocurrency they would still have to solve what is a problem in their eyes, namely people choosing cryptocurrencies where they deem necessary to protect their privacy. Nobody can force you to use your national fiat currency except for tax payments.
If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?
Their is something i noticed concerning this cryptocurrency of a thing, everybody like to work with new innovation of coin, even if government come against the existing cryptocurrency and introduce their own you think people who are making use of the existing cryptocurrency will not join government coin or bank coin, normal i have find out that this world is full of emulations of crypto. Based on this I find people won't show big interest over government backed cryptocurrency than bitcoin.
Unlikely to use such a currency unless there are some perks in using it. If it is just digital version of the same fiat currency then it makes no big deal, it is just the same as using another payments system like GPay or ApplePay. They can say that the use if blockchain is new here which I agree, but that is not the point why people use bitcoin.Majority of the demand in bitcoin arises from traders and investors. It is not like they all support the technology behind it, most are in it for the money. Biggest investors using crypto are trying to evade taxes using bitcoin while state-back currencies are just the opposite of this.
I would probably give up any cryptocurrency that is associated with a bank and government.
But have we seen much use of them anyway? USDT is the one basically used on exchanges as intermediate for trading volatility management. If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?
I wouldn't be interested in any bank-run and government-regulated coins. Even when the CBDC was officially released. They will still occupy and come to concentration. We are not going to support any that it has gone against excitement. I'm sure they put sanctions on bitcoin again, but it will never get any attention.
I would probably give up any cryptocurrency that is associated with a bank and government.
I think that such a currency will enjoy some success, at least after there are certain guarantees. But I doubt that it will be massive. Perhaps, as an experiment, it would be wise to organize something like this. But I think that anonymity should be forgotten. Besides, most likely the entrance ticket will cost some money, otherwise how will they recoup their investment? I personally would not be interested in such a currency.
If banks and governments make their own cryptocurrencies, it will definitely affect other cryptocurrencies, such as a decline in prices for other cryptocurrencies and an increase in prices for cryptocurrencies made by banks and governments. investors in these countries will definitely buy the cryptocurrency made by the bank, this is what will make the cryptocurrency of the bank and the government become expensive.
If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?
The government does not offer any type of investment, it's just only currency like a stable coin if we compare it to crypto. And of course, I would still use it as it's safer compared to the currency in crypto, besides, crypto is still under regulation, exchanges and any other payment system, they follow the rules of the government, otherwise, the government could easily ban them. 
Already few countries have planned and developed their own cryptocurrency. The usage isn't that big, and some countries ststed the digital usage of banking as cryptocurrency. When one use the government developed or a bank owned cryptocurrency it is same as using the banking services at the moment. Based on this I find people won't show big interest over government backed cryptocurrency than bitcoin.
I don't think they can because I believe the government will never make cryptocurrency decentralized.
still there would definitely be independent restrictions and regulations if the government made their own coins, I think this could happen but at a relatively stable and stagnant price if this were to happen.
because if the coins are made but are not decentralized I think the enthusiasts will be a little different like less enthusiasts because they are less free I think.
but it does not rule out the possibility that this could happen, it is only time to decide whether it is true or not
still there would definitely be independent restrictions and regulations if the government made their own coins, I think this could happen but at a relatively stable and stagnant price if this were to happen.
because if the coins are made but are not decentralized I think the enthusiasts will be a little different like less enthusiasts because they are less free I think.
but it does not rule out the possibility that this could happen, it is only time to decide whether it is true or not
if not people who do you think will give value to it but i can sense that it wont get the same value like how we value our btc and non government & bank crypto currency .
it will hardly be supported by the wallet that your using today but government and bank will issue their own wallets .
using thier coins and keeping it in a wallet wont make you feel that it was the money you are keeping because it was thier money and you are only borrowing it
it will hardly be supported by the wallet that your using today but government and bank will issue their own wallets .
using thier coins and keeping it in a wallet wont make you feel that it was the money you are keeping because it was thier money and you are only borrowing it
Jump to: